The passive activity loss (PAL) rules may limit your ability to deduct losses from a business structured as a limited liability partnership (LLP) or limited liability company (LLC). Depending on how your ownership interest is […]
Many small businesses don’t have enough employees to worry about the play-or-pay provisions of the Affordable Care Act (ACA). However, as your business grows, these rules can apply sooner than expected. This issue also may […]
Companies that engage in research and development activities may qualify for a federal tax credit for some of those expenses. The credit is complicated to calculate, and not all research activities are eligible — but […]
If you operate your business as a C corporation, how you put money into your company — and how you take it back out — can have […]
Most businesses close their books for tax and accounting purposes on December 31 because it aligns with the calendar year. But a calendar year isn’t always […]
Did you know that you can claim tax deductions for animals that serve a bona-fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details.
Working animals […]
Many businesses offer health care and dependent care flexible spending accounts (FSAs) as part of their employee benefits package. These plans provide valuable tax savings to employees and payroll tax savings to employers.
If your company […]
If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally deduct expenses attributable to business use […]
An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable income in the year received. […]
On 4/27/2026, the Internal Revenue Service announced a new, streamlined way for taxpayers to extend the period of time for the IRS and the IRS Independent Office of Appeals […]
